Ethereum’s New Partnership (MMX) is Designed to Greatly Simplify Ethereum Transactions

Ethereum transations

Ethereum has entered into a collaboration with Minds + Machines Group Limited (MMX) to simplify the transfer of ethers and solve issues related to it. The collaboration allows users to sign in to their ether wallet addresses in the .Luxe domain registration.

MMX is one of the world’s leading owners and operators of Internet top-level domains . The Company has entered into an exclusive agreement with the Ethereum Name Service to integrate its services with consumer MMX registries.

As per the Financial Times report , from October onwards there is a possibility to register a name in the .luxe register, in order to link this with the 40-digit hash identifier of Ethereum Blockchain . This process will enable the users to have a simple .luxe name to remember instead of a complex code.

Currently, the sender needs to know the recipient’s 40-digit hash identifier to securely send transactions, such as:

Ether-Wallet Receive Address: 0x314159265dd8dbb310642f98f50c066173c1259b

However, by using the .luxe service, the recipient can associate a unique name with the Ether-Wallet address and then simply specify it as the receiver’s address. This would look like this:

Ether-Wallet receive address: ABC.luxe instead of the 40-digit hash identifier 0x314159265dd8dbb31064. 

The same process of replacing the 40 character identifiers with user-friendly .luxe names should apply to all Ethereum features: Smart Contracts, Distributed Storage, dApps, etc.

Toby Hall, CEO of MMX, states that the market for this type of service is huge and that this development brings a great deal of added value to the Ethereum community:

MMX is committed to working with ICANN and leading technology partners to ensure that the domain names are truly relevant to entrepreneurs, developers and end users in the 21st century. We already know the Ethereum test is in its non-ICANN .eth zone and that there is a real proven demand for block-based word-based identifiers, with ENS deposits of over $ 28 million and over 300,000 words got seven characters and more in the .eth zone. We look forward to working with ENS. .Eth registrants will have the opportunity to obtain the corresponding .luxe name before the .luxe company trades in late October. We are pleased to have established a close cooperation with the main ENS executives.

Nick Johnson, developer of ENS, said the collaboration will add value for the future use of blockchain applications:

“We are excited to accelerate the integration between existing DNS-based name services and Ethereum Name Service and improve the usability for blockchain applications and users.”

Brand owners can assert their trademark rights beginning on August 9th and secure their address, eg adidas.luxe. From the 9th to the 25th of October, there will be another wave of registrations in which the first 300,000 .luxe names will be awarded. For this time, a high “early-access fee” is incurred. From 30.10.2018 the service should be accessible to the general public.

It remains to be seen if this service will actually fetch a broad following and if it is going to prevail in the long term.

The price of Ethereum suffered a slight setback of -2.82 percent on a price of 350.74 Euro within the last 24 hours. With a market capitalization of just under € 35.47 billion, Ethereum continues to rank second in the world’s largest cryptocurrencies.

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